August 3, 2017 / 9:23 AM / 2 years ago

Hong Kong developer Cheung Kong Property's H1 net profit surges 67 pct

HONG KONG, Aug 3 (Reuters) - Hong Kong’s Cheung Kong Property Holdings, controlled by billionaire Li Ka-shing, reported on Thursday a 67 percent surge in first-half net profit thanks in part to rising market value of prime office buildings.

Net profit was HK$14.4 billion ($1.8 billion) in the six months ended June, the company said. Cheung Kong Property posted a net profit of HK$8.6 billion for the same period a year ago.

Total revenue rose 8 percent to HK$29.9 billion, compared to HK$27.6 billion for the six months ended June 2016.

It also said property sales in Hong Kong, mainland China and Singapore showed “steady performance” and total sales exceeded HK$40 billion in the first six months of this year.

Cheung Kong Property, the third-largest developer in Hong Kong in terms of the number of units available for sale in 2017, has also benefited from its newly acquired aircraft leasing unit, according to a research report by Deutsche Bank published last Friday.

It announced earlier this month it plans to change its name to CK Asset Holdings Ltd to better reflect its business that is also in infrastructure investment and aircraft leasing.

The company was created in 2015 after Li split his business empire into the property-focused Cheung Kong Property and CK Hutchison that owns telecoms, retail and energy.

Sister company CK Hutchison posted on Thursday a 7 percent rise in first-half net profit to HK$15.9 billion versus HK$14.9 billion a year ago. ($1 = 7.8176 Hong Kong dollars) (Reporting by Venus Wu; Editing by Muralikumar Anantharaman)

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